A Global Picklist (Tags) is a picklist that is not specific to an object, you can use the global picklist for any of the Salesforce objects. In other words, if you are creating any picklist, this picklist can be used for Accounts, Leads, Opportunities, or any custom object in Salesfore.
There are some default picklists (tags) in Salesforce, to add more values,
- Click on Setup and search for Picklist Value Sets and click it,
- Click on the string from the Global value sets to add more values to the list
- As a sample, I clicked on the TimeTracker Financial Tags. And I see some values setup already,
- Click the New button from the Values list and add new values to it and Save it.
These tags(Picklist) can be added to any Object.
- As an example, I added it to the Template Tasks (Object).
- You can select the tags while creating a new Template Task and assign it to the users.
- When the user tracks time to the assigned Project, the TT Details get saved along with the Tags.
You can then filter the TT details according to the Tags. Or you can even create Task assignment reports based on the Tags used.
Refer to this video for more details on filtering the data using Tags in your org.
There are some unpredictable behavior/issues in the Global Pick list, refer to this article for more details.